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Founders-turned-investors make for a great pipeline of funding deals to help power early-stage startups, and today MAGIC Fund is proving just how much it’s paying off. MAGIC Fund — a global collective of founders — has announced the raise of a second fund of $30 million to continue its mission of backing early-stage startups around the world in places like Africa, Europe, Latin America, North America, and Southeast Asia, TechCrunch reports. Since launching its first fund back in 2017, the firm has had the opportunity to invest in 70 companies at pre-seed and seed stages across the above emerging markets, and now their goal is expanding to reach more startups. In speaking with TechCrunch, managing partner Adegoke Olubusi and operating partner Matt Greenleaf shared how MAGIC Fund is opening up opportunities for founders who are now angel investors to invest in and support companies beyond their local markets. According to them, working together with a collective of founders helps them...
Diversity-focused venture capital firm, Harlem Capital has just announced the close of its Harlem Capital Partners Venture Fund II Limited Partners (LP) — also known as Fund II — at $134 million. According to a press release reviewed by AfroTech, the new fund exceeded its original target of $100 million and went above its initial cap of $125 million as it aims to continue its mission of changing the face of entrepreneurship with diverse founders. It is also said to be the largest diversity-focused VC fund to date. Harlem Capital shares that while Fund II will maintain the firm’s focus on minority and women founders, it will also seek out early-stage investments in companies in the enterprise and consumer technology fields. “We are focused on building an institution and platform to support diverse founders for many generations. Fund II is one step closer to our mission, but we know the work and journey continues,” Harlem Capital Managing Partner Henri Pierre-Jacques shared in a...
Seed-stage VC firm MaC Venture Capital is on a mission to invest in today’s visionary tech founders and startups that are creating cultural trends to build a better tomorrow. To support this mission, the majority Black-owned firm has announced that it’s just closed on its $110 million inaugural seed fund. According to an announcement shared with AfroTech, MaC Venture Capital designed this fund to back seed-stage tech startups across several different business sectors — including fintech, e-commerce and marketplaces, interactive media, connectivity, enterprise SaaS, space and aerospace, logistics, and more — that are leveraging shifts in culture and behavior. Limited partners for the fund include Foot Locker, Inc., Goldman Sachs, Greenspring Associates, Bank of America, Howard University, MacArthur Foundation, the University of Michigan, State of Michigan Retirement System, and Mitch and Freada Kapor, among many others. MaC Venture Capital — made up of founding general partners...